By: Serban G. Spirea
One of the most expanding markets in the region, Qatar has opened the gates back to its GCC neighbours on January 5th of 2021 and is ready to welcome the international market to visit, invest and live in Qatar.
The trust and straightforwardness of the property market has shown stability in the challenging times of the pandemic and the blockade. I believe that the enthusiasm of the country opening and the end of the pandemic will lead to an exponential demand growth in the property sector.
Qatar’s Expansion Over Years
Before the 20th century, Qatar’s economy was primarily characterised by fishing and pearling. However, the discovery of oil reserves in the 1940s has led to its development into one of the biggest multifaceted economies in the world.
The State of Qatar is enjoying a period of unparalleled prosperity, with exceptional economic progress being evident in the increasing standard of living of its people. Qatar is currently experiencing high rates of population growth due to massive urban development.
In 2008, His Highness The Emir Sheikh Tamim, put forth the vision of the peninsula “Qatar’s National Vision belongs to the government, the private sector, civil society, and all Qatari citizens. I call on all to work hard and utilise your expertise to help achieve the goals of the Vision and to advance our nation’s development. In this way, we will
The National Vision aims at transforming Qatar into an advanced country by 2030, capable of sustaining its development and providing for a high standard of living for all of its people for generations.”
Being nine years away from its significant milestone, Qatar has shown massive development in transport infrastructure, sports events infrastructure, cultural, hospitality, retail, commercial and residential projects.
Qatar Gaining International Trust
The Qatar real estate market showed stability in the last five years, where the entire region faced changes and challenges as oil prices fluctuated and as a result of the blockade and the recent pandemic.
Since June 5th 2017, Qatar faced the embargo by its GCC neighbours, which has just recently been lifted, on January 5th 2021. I believe that after a period of blockade and worldwide pandemic, Qatar has seen maturity and solidity when it comes to developments, people retention, as well as preparations for the 2022 FIFA World Cup.
From the exterior, the international market has become much more interested in the Peninsula of the Arabian Gulf and its investment opportunities.
As per our feedback, Qatar is viewed with interest and trust after passing with integrity and directness the period where prices dropped, supply increased, the population shifted from one place to another, and so on. The country is ready to accommodate foreign investment by having the right prices and supply in place.
Why invest in Qatar?
Foreigners can now own real estate in Qatar
In October 2020, the Qatari government released its foreign property ownership rules to further attract more expatriates, foreign buyers, and real estate funds.
Foreign investors who buy a property valued above US$ 1 million will be eligible for permanent residency, which comes with government benefits such as education and health care (previously limited to Qatari citizens and long-time permanent residents). With the new law, semi-permanent residency status is now open to buyers of property worth US$200,000, who can obtain renewable residency permits for themselves and their families without the need to be sponsored by an employer. Looking at the current scenario, there is a downwards price trend in the Qatari property market. However, considering that the FIFA World Cup is on its way, you can expect an increase in the price due to the population boom and construction development in preparation. Foreigners are allowed to obtain freehold ownership in specific areas in Qatar: The Pearl, West Bay Lagoon, and Al Khor. Foreigners who buy in any of these areas are automatically granted residency, which extends to the owner ́s family, for the whole duration of the ownership.
Reasons to invest in Qatar:
– Tax-free property market
– Avail a residency visa for the owner and family members
– Freehold zone properties compete with luxury properties around the world
– Hosting the 2022 FIFA World Cup
– Long-term return on investment
– Qatar’s master plan is to increase the expat population in the next ten years
I predict a bright future for the Qatar real estate market, especially in terms of quality units and
price trends, highlighting a current opportunity for new investors. FGREALTY maintains its strength in consulting and educating the buyers that are willing to get the knowledge of the market that we represent.
This article was published as part of the fifth edition of Property Finder Qatar’s Trends Report